In summary:

• The European debt crisis eased in the early part of 2012/13, after the European Central Bank acted as lender of last resort announcing a bond buying program.
• Stimulus in September – China announces $157 billion worth of infrastructure projects. US Federal Reserve begins open ended bond buying program –QE3.
• Democrats win US election, providing another boost to sharemarkets.
• US Budget sequestration dominates sentiment in late December.
• China tightens policy on property finance in March 2013.
• Cyprus formally bailed out in March 2013.
• Nikkei gains 80% between November -May on Japanese stimulus.
• The US economic recovery gathers momentum, Fed discusses exit strategy.
• The Reserve Bank cuts the cash rate from 3.50% to 2.75% over 2012/13.
• China credit crunch in June. Shibor – interbank lending rate – in focus.
• Policymakers attempt to clean up the “shadow banking system”.
• The ASX 200 rose 19.3% from November -May and then lost 11% in six weeks.
• The Aussie dollar traded over a near US15 cent range in 2012/13.

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